Swap free/1:1 Leverage Brokers

[bull10m]

Hi everyone.

First time posting on here.

I am in search of a new broker. Does anyone know of any brokers that meet the following requirements:

1) No interests (Swap free)
2) Offer 1:1 Leverage

Also it'd be preferable if they don't charge any commissions or fees.

Thanks in advance.

Cheers!

 

[Rhody Trader]

Every broker offers 1:1 leverage. All you have to do is trade positions the size of your account balance and no more.

As for the no carry/swap, I don't know of any, but then my knowledge is hardly encyclopedic.

 

[Victor90]

There are some brokers out there, but they look very much like scamers so I would avoid them. If the reason is to avoid the Swap-cost: No problem! If you go Long and Short, then you will in the long run earn the same amount of Swap as you pay. So it evens out! =)

 

[bull10m]

Hi guys,

Thanks for your replies.

I realise that I can use 1:1 leverage, but I don't have the capital to buy the required minimum lot (smallest being 1000 lots, 100 or less for some very shady brokers!). What can I say, I am a poor student!

I think I have figured out a way to avoid the swap costs, since those are only calculated if you have an open position at the end of the day. So I'll be sure to get out of any open positions before they can apply the rollover costs.

The real reason I asked was because I want to avoid any interest charges. I am not so worried about the Swap costs since I can avoid those, but what about the interest charged on the "loan" offered for leverage? Or is there any such interest?

Thanks again for the input!

Cheers!

 

[Victor90]

Hi again! =)

First of all, i belive you missunderstod the concept of lots. 1 lot = 100 000 USD (in most cases). But with almost all brokers you can choose to buy only 0.1 lots which is 10 000 USD. However, if I were you i wouldnt aim for 1:1 leverage. The FX market is relarive slow and if you buy or sell 0.1 lots maybe you lose 20 USD. =)

Yes, you can do that way to avoid paying the intrest. But you will need to pay even more in form of spreads. Spread is the diffrence between Ask and Bid price. Probely you will have to pay 3 pips in spread, and if you go out and in during midnight before the Swap is calculated you will pay 6 pips which is alot more than any intrest.

To you last part, the only intrest charged is swap which is calculate 00:00 am. But the thing is that you can make the intrest to. If you buy GBP/JPY you will gain the Swap everyday! The broker will pay you money!

Cheers!

 

[Rhody Trader]

The real reason I asked was because I want to avoid any interest charges. I am not so worried about the Swap costs since I can avoid those, but what about the interest charged on the "loan" offered for leverage? Or is there any such interest?

For most brokers, I believe, the day-end rollover (what you're calling the swap) is where the interest is determined. The only broker I'm currently aware of which calculates interest on a continuous basis is Oanda, though they are also the only broker I know of which has no minimum trade size, meaning no fixed lots.